Don’t let increased fraud spoil the fun
The notion of digital and physical commerce convergence is not new. Dee Hock, founder and former CEO of Visa predicted digital currency in 1950. With various forms of payment options on the internet what he said has come to pass. We remain, however, far away from an entirely digital economy. McKinsey & Company reports that over 80 percent of U.S. retail sales will still occur within brick and mortar stores in 2020.
Nevertheless Americans are geared toward m-commerce – over 60% of Americans own a smartphone and 80% of those people use it to shop. Nielsen says 65% of tablet shoppers research product information and, even if they buy in store, 66% of smartphone shoppers look up prices while in retail showrooms. They also use mobile devices to look up product reviews and, sometimes, to buy.
The ease of use that comes with mobile shopping has empowered consumers to make purchasing decisions on their own terms and in their own time. But we cannot forget growth of mobile may lead to more troubles fighting mobile fraud. Still, merchants have the ability to utilize new technologies in order to fight fraud and improve omni-channel business.